Buradasınız

Türkiye'de Banka Kredi Kanalının İşleyişi: Ampirik Bir Analiz

Processing of Bank Lending Channel in Turkey: An Empirical Analysis

Journal Name:

Publication Year:

Keywords (Original Language):

Abstract (2. Language): 
In this study, processing of bank lending channel in Turkey was tested with the help of vector auto regression (VAR) method by using 1990:01-2008:11 period monthly data. Processing of bank lending channel was investigated on the basis of two different monetary policy variables. According to the empirical findings of the study, on the contrary overnight interest rate, money supply was found to be a more effective monetary policy variable. In case of controling money supply, Central Bank can operate effectively bank credit channels and therefore the amount of output and inflation is going to be directed more easily. In this context it can be said that the processing of the bank lending channel is effective in Turkey
Abstract (Original Language): 
Bu çalışmada, Türkiye'de banka kredi kanalının işleyişi, vektör otoregresif (vector autoregression: VAR) yöntemi yardımıyla, 1990:01-2008:11 dönemi aylık verileri kullanılarak test edilmiştir. Banka kredi kanalının etkinliği farklı iki para politikası değişkeni temel alınarak araştırılmıştır. Çalışmanın ampirik bulgularına göre, para arzı, gecelik faize göre, daha etkin bir para politikası değişkeni olduğu tespit edilmiştir. Merkez Bankası, para arzını kontrol etmesi durumunda, banka kredi kanalını etkin bir şekilde işletebilir ve dolayısıyla çıktı miktarı ve enflasyonu daha koloy yönlendirebilir. Bu bağlamda, Türkiye'de banka kredi kanalının işleyişinin etkin olduğu söylenebilir.

JEL Codes:

REFERENCES

References: 

BANKACILIK DÜZENLEME ve DENETLEME KURUMU (BDDK) (2007), Finansal Piyasalar
Raporu, Aralık 2007, http://www.bddk.org.tr.
BERK, J. M. (2001), The Preparation of Monetary Policy Essays on a Multi-Model Approach, The
Netherlands, Kluwer Academic Publishers.
BERNANKE, B. S. ve S. A. BİLİNDER (1988), "Credit Money and Aggregate Demand", The
American Economic Review, 78(2): 435-439.
BERNANKE, B. S. ve M. GERTLER (1995), "Inside the Black Box: The Credit Channel of
Monetary Policy Transmission", The Journal of Economic Perspectives, 9(4): 27-48.
BERNANKE, B. S. (1995), "A Conference Panel Discussion: What Do We Know About How
Monetary Policy Effects The Economy", Federal Reserve Bank of St. Louis Review,
77(3): 127-30.
BERNANKE, B. S. ve S. A. BLİNDER (1992), "The Federal Funds Rate and the Channels of
Monetary Transmission", The American Economic Review, 82(4): 901-921.
CECCHETTI, S. G. (1995), "Distinguishing Theories of the Monetary Transmission Mechanism",
Federal Reserve Bank of St. Louis Review, May/June: 83-97.
CECCHETTI, S. G. (1999), "Legal Structure, Financial Structure, and Monetary Policy
Transmission Mechanism", FRBNY Economic Policy Review, 5(2): 9-28.
CENGİZ, V. ve M. DUMAN (2008), "Türkiye'de Banka Kredi Kanalının Önemi Üzerine Etki
Tepki Fonksiyonlarına Dayalı Bir Değerlendirme (1990-2006)", Hacettepe Üniversitesi
İ.İ.B.FDergisi, 26(2): 81-104.
CHAREZMA, W. W. ve D. F. DEADMAN (1993). New Directions in Econometric Practice. USA:
Edward Elgar.
ÇİÇEK, M. (2005), "Türkiye'de Parasal Aktarım Mekanizması: VAR (vektör Otoregresyon)
Yaklaşımıyla Analizi", İktisat İşletme ve Finans Dergisi, 20(233): 82-105.
DAVİDSON, R. ve J. G. MACKINNON (1993), Estimation and Inference in Econometrics,
London: Oxford University Press.
DEMİRALP, S. (2008), "Parasal Aktarım Mekanizmasında Paranın Yeri: Türkiye İçin Bir Analiz",
İktisat İşletme ve Finans Dergisi, 23(264): 5-20.
ENDERS, W. (1995), Applied Econometric Time Series, John Willey and Song, Inc.
GRANGER, C. W. J. (1969), "Investigating Causal Relations by Econometric Models and Cross-
Spectral Methods", Econometrica, 37(3): 424-438.
GUJARATI, D. N. (1995), Basic Econometrics, McGraw-Hill, Third Edition.
GÜNDÜZ, L. (2001), "Türkiye'de Parasal Aktarım Mekanizması ve Banka Kredi Kanalı", İMKB
Dergisi, 5(18): 13-30.
HALL, S. (2001). http://www.bankofengland.co.uk/publications/quarterlybulletin/qb010404.pdf.
HOLTEMÖLLER, O. (2002), :
http://www.econometricsociety.org/meetings/esem02/cdrom/papers/669/Crch-....
HOLTEMÖLLER, O. (2003), "Further VAR Evidence for the Effectiveness of a Credit Channel in
Germany", Applied Economics Quarterly, 49 (4): 359-381.
HULSEWIG, O. MAYER, E. ve T. WOLLMERSHAUSER (2006), "Bank Loan Supply and
Monetary Policy Transmission in Germany: An Assessment Based on Matching Impulse
Responses", Journal of Banking & Finance, 30(10): 2893-2910.
IRELAND, P. N. (2005),
http://escholarship.bc.edu/cgi/viewcontent.cgi?article=1172&context=econ....
PDF.
JAIN, L. C. ve I . M. TOMIC (1995), Essential of Monetary and Fiscal Economics, NewYork:
Graceway Publishing Company, Inc.
JOHANSEN, S. (1995), Likelihood Based Inference in Cointegrating Vector Autoregressive
Models, NewYork: Oxford University Press.
KASHYAP, A. K. Ve J. C. STEIN (1995), "The Impact of Monetary Policy on Bank Balance
Sheets", Carnegie-Rochester Conference Series on Public Policy, 42(June): 151-195.
KASHYAP, A. K. ve J. C. STEIN (2000), "What Do a Million Observations on Banks Say about
the Transmission of Monetary Policy?", American Economic Review, 90(3): 407-428.
142
Yönetim ve Ekonomi
18/2 (2011) 127-143
KASHYAP, A. K. LAMONT, O. A. ve
J
. C. STEIN (1994), "Credit Conditions and the Cyclical
Behavior of Inventories", The Quarterly Journal of Economics, 109(3): 565-592. KISHAN R. P. ve T. P. OPİELA (2000), "Bank Size, Bank Capital, and the Bank Lending
Channel", Journal of Money, Credit and Banking, 32(1): 121-141. LÜTKEPOHL, H. (1991), Introduction to Multiple Time Series Analysis, Berlin: Springer-Verlag. MELTZER, A. H. (1995), "Monetary, Credit and (Other) Transmission Processes: A Monetarist
Perspective", The Journal of Economic Perspectives, 9(4): 49-72. MORGAN, D. P. (1998), "The Credit Effects of Monetary Policy: Evidence Using Loan
Commitments", Journal of Money, Credit and Banking, 30(1): 102-118.
OECD, (2009), http://www.oecd.org/dataoecd/37/37/33705673.pdf.
Oliner, S. D. Ve Rudebusch, G. D.. (1996). http://www.frbsf.org/econrsrch/econrev/96-1/3-13.pdf. OPIELA, T. P. (2007), "Differential Deposit Guarantees and the Effect of Monetary Policy on Bank
Lending", Economics Inquiry, 46(4): 610-623.
ÖZTÜRKLER
, H. ve A. H. ÇERMİKLİ (2007), "Türkiye'de Bir Parasal Aktarım Kanalı Olarak
Banka Kredileri", Finans Politik & Ekonomik Yorumlar, 44(514): 57 68. PESARAN, M. H. ve Y. Shin (1998), "Generalised Impulse Response Analysis in Linear
Multivariate Models", Economics Letters, 58(1): 17-29. ROMER, C. D., ROMER, D. H., GOLDFELD, S. M. ve B. M. FRIEDMAN (1990), "New
Evidence on the Monetary Transmission Mechanism", Brookings Papers on Economic
Activity, 1990(1): 149-213. SIMS, C. A. (1992), "Interpreting The Macroeconomic Time Series Facts the Effects of Monetary
Policy", European Economic Review, 36(5): 975-1011. SIMS, C.A. (1980), "Macroeconomics and Reality", Econometrica, 48(1): 1-49.
SUZUKI, T. (2004), "Is the Lending Channel of Monetary Policy Dominant in Australia?", The
Economic Record, 80(249): 145-156. SUZUKI, T. (2008), http://amw2008.econ.usyd.edu.au/pdfs/B-4_Tomoya%20Suzuki.pdf. ŞENGÖNÜL, A. ve W. THORBECKE (2005), "The Effect of Monetary Policy on Bank Lending in
Turkey", Applied Financial Economics, 15(13): 931-934. TAYLOR, J. B. (1995), "The Monetary Transmission Mechanism: An Emprical Framework", The
Journal of Economic Perspectives, 9(4): 11-26.
TÜRKİY
E BANKALAR BİRLİĞİ (TBB) (2005), Türkiye'de Finansal Sektör ve Bankacılık
Sistemi, Türkiye Bankalar Birliği Yayını, İstanbul. TÜRKİYE CUMHURİYET MERKEZ BANKASI (TCMB) (2006) http://www.tcmb.gov.tr. TÜRKİYE CUMHURİYET MERKEZ BANKASI (TCMB) (2009) http://www.tcmb.gov.tr.
143

Thank you for copying data from http://www.arastirmax.com